All Forum Posts by: Dolev Zaharony

Thanks!

Hello community,

We have several short-mid term rentals in NC. In one of our units, the HOA started pressing - asking that we stop doing that since their rules say no short-term rentals (there is no minimum set of days, just a generic no short-term, AirBnB, VRBO etc..). We usually start our contract levels from one month going up to a year, so we call it mid-term, and we usually have between 4-8 tenants a year in each unit. In any case, in the past couple of months, one of the neighbors decided he did not like that and started to investigate our tenants when they moved in, and once they told him that they are there for less than a year, he reported it to the HOA, and I get a warning email from them. It's very annoying, and it's not like we host parties or anything like that. Just helping families who are moving to the area. He just does not like the fact that tenants might move there for less than a year. My first solution was to have my current tenant sign a contract for a full year with an option to leave early without fees. I submitted it to the Management Company, and they approved it, but I just got another notice telling me that someone talked to the tenants, and they said they would leave when their house is finished. So they consider it as short-term, and that's another warning. Not sure what they (HOA) can really do at this point as I submitted a contract that goes under their guidelines.

Trying to see if I should just say- well, they have a contract for a full year- just like your guidelines say. There is nothing I can do if they want to leave early.

Or should I add that this feels like harassment, and the next time I get a note like that, the response will come from my lawyer. 

I know it's an uphill battle with HOA's on this subject, so trying to navigate this correctly.

Happy to consult with a lawyer as well. 

Tanks everyone!

 Thanks. This one is actually a local credit union. I will try a couple other ones. 

 Thanks Jonathan, that's what I'm planning on doing but I feel that it will be the same with most of the banks. Still won't hurt to try!

Thanks everyone for the info. Very helpful! 

I guess there is no easy way here to access the HELOC this year. Will work with my accountant and loan officer to see what we can do.

Thanks,

The rentals are actually very profitable - but they don't really care about that. Not sure why

Hi all,

I have 3 rental units and trying to get the 4th. We are looking to do HELOC on our main home and use that for it. My loans are in my personal name, but I recently transferred the deeds to my LLC. Since the loans are under my name, my debt to income is pretty high and the credit union is not willing to accept my tax return in order to show that these are all rentals and generate income. So they are not willing to move forward with the HELOC until all of my rentals are not showing under my name in the credit report.

Is there a way around that? Can I just call the lenders and tell them to change it from my name to my LLC? Will they ask me to pay the entire loan first?

Thanks in advance!

Thanks, @Chris London, I think at this point I learned that it has to be someone with a license, I'm trying to understand the vague response from the NCREC about bringing in the agent, like what do they mean by qualifying broker? 

ok, I was able to get some info from the Real Estate Commission, but find it pretty confusing:

If the licensed agent wishes to be paid or to pay the LLC then the LLC would have to obtain a firm license. If she is a full broker she can obtain a firm license for the LLC and be the qualifying broker. If she only wants to be paid through the LLC and not use it for advertising purposes or to affiliate brokers then the firm would not need a broker in charge, just a qualifying broker. No compensation can be paid to an unlicensed entity.